From Investor’s Business Daily:
Ready To Revolt In New Jersey?
Two states in particular, New Jersey and New York, could use a version of California’s much-maligned Proposition 13. Without it, they might start seeing the middle class squeezed out of homes.
What does it take for taxpayers to say, “Enough is enough”? We may soon see that question answered in the stressed-out suburbs around New York City. A perfect storm of recession, cuts in state aid and overspending by schools and local governments is pummeling homeowners who were already paying the nation’s stiffest property taxes.
In the big suburban counties in New Jersey and New York, people already paying 8% of their income or more in real estate levies (see table above) are facing new hikes that could push them to the breaking point.
…
A tax revolt may already be brewing. New Jersey voters have rejected a record 59% of proposed local school district budgets, the first time in 30 years that more than half of those budgets have been turned down.
…
The locals are hardly innocent victims. They’ve been living beyond their means as much as some, though hardly all, homeowners have. As in many other states, pension costs and public salaries are rising faster than inflation or sound fiscal practice would dictate. By one estimate, local governments in New York will have to pay 61% more to cover pension costs in 2011 than they do now.
…
All this profligacy is coming back to bite homeowners, just when they have enough problems of their own. One likely effect of property tax hikes in the current housing market is a new wave of foreclosures as higher tax bills tip the balance for those who are already struggling. Prospective buyers might also be scared away by the monster tax bills they’re likely to pay.
From Bloomberg:
Whitney Says Banks Face ‘Tough’ Quarter, Housing Dip
Banks continue to suffer from losses on non-performing loans, and U.S. home prices will fall again amid increasing supply and sluggish demand, according to Whitney.
“I’m steadfast in my belief there’s going to be a double- dip in housing,” she said. “You will see clearly that the banks are under-reserved when housing dips again.”
Whitney said yesterday in an interview with Tom Keene on Bloomberg Radio that the nation’s largest banks are susceptible to another dip in the consumer-credit market. While Wall Street rebounded in the first quarter, consumers haven’t seen a similar improvement and U.S. states may cut jobs, she said.
“For the consumer, nothing has changed and the large banks are still weighed down by exposure to consumers,” she said. “If consumer credit turns, which we think it will, you will underperform with all these banks.”
I think betting against the banks is a played out game. We may see one more big bank fail if this turns out to be a W shaped economy. But I can’t believe that there would be as much chaos as late ’08. The trade really is betting against sovereign debt now, although some can say that the trades have already been made. My next guess after sovereign debt is technology.
Good stuff from Brian Donohue at the Ledger:
http://www.nj.com/ledgerlive/index.ssf/2010/05/new_jerseys_wealth_flight_how.html
Is that author trying to say 8% of your gross income going to property tax is unsustainable? But it’s for the children and donut shops.
I saw the townhouse we bought in 2000 has had its taxes double in the last 10 years and HOA fees go up 65%
The end is nigh.
Yesterday my wife said housing is too expensive, property taxes are too high, and with so many high paying jobs disappearing or going offshore, prices should keep dropping.
It’s all turning to black.
Embrace the oblivion.
Exit light
Enter night
Take my hand
We’re off to never never-land
100% rotten to the core:
“Yesterday we pointed out that France was a global top three derisker in sovereign CDS as traders have shifted their worries from the periphery to the core. We have long discussed that the reason for this is that France, not Germany, has the greatest exposure to Greece and the PIIGS. Below is an RT clip in which Hugh Hendry confirms just this: according to the Ecclectica head man, a mark to realistic market of Greek debt would wipe out E35 billion in French bank capital, “and it is questionable whether the French banking system would take such a hit.” Hendry’s solution, as has been the case from the solution, is for Greece to leave the euro, and points out that due to FX inflexibility, there will be no tourists in Greece this year as everything becomes painfully expensive, not in Drachmas but in Euros. We would add that the burning parliament is probably not that much of a tourist draw either. In typical fashion, Hugh dismembers Angela Merkel’s hypocrisy: “When the truth becomes unpalatable, what is the truth. Angela Merkel, when we say she is being generous, there is nothing generous about spending taxpayers’ money in another country, that is not generosity, that is merely trying to salvage a bankrupt set of political ideology. So to blame the messenger when it’s the truth that hurts, I find that inexcusable.” Just as Hugh’s huge bet against the euro has proven to be a terrific success, we are confident that he will be correct about the end of the EMU quite soon as well. And as the moderator adds “Shame on you, Europe, for needing the IMF to bail you out. Europe is like an African nation.”
http://www.zerohedge.com/article/hugh-hendry-greek-bailout-really-bailout-french-banks
I guess its safe to say gold has decoupled from the dollar?
Bring forth the 4 horsemen?
The 4 Horsemen started riding a long, long time ago. Apocalypse is nigh.
Wait until the contagion hops the ocean.
Last one to debase to zero loses.
Adult pinball:
http://www.google.com/finance?q=NYSE:EUO
Tax revolt? I’d love to see what happens when the sheriff comes knocking on doors.
jp #2 –
I would think indexes that short real estate and mid-size banks have opportunities. Don’t know if there is a muni product to be shorted but they are going to take a hit for sure.
How come none of this Greek rioting is on the tv?
“Bring forth the 4 horsemen?”
Stuhldreher, Crowley, Miller and Layden?
Seems about right, a blue-gray sky and back to 1924. Shiny may just shake down the thunder from the sky.
Unfortunately, the 7 mules are crippled.
“Wait until the contagion hops the ocean.”
Doom,
Previously, our # 1 export, coming back to bit us in the ass.
Who cares about the currency markets? Just ask Asian exporters. One morning we will wake up and the markets will be diving off a cliff. Some pundit will state it’s simply the result of chaos in the fx markets. Yet, nobody could see it coming.
bite us
http://economistsview.typepad.com/economistsview/2010/05/the-role-of-fraud-in-the-financial-crisis.html
225 – Chicago – yesterday
James K. Galbraith: The Role of Fraud in the Financial Crisis
The testimony closes with:
“In the face of regulatory capture, the problem grows. the changes needed go beyond rules written down on paper. In order to effect real change, there must be a fundamental change in attitudes, incentives, and ethics. The prevalence and seeming de facto acceptance of sociopathy in the investment banking and political worlds must be dealt a blow. Self-dealing must become difficult and penalties must be swift and strong. Gordon Gecko must die.”
The new version of the 4 horsemen don’t need blockers.
BTW, these were my favorite 4 horsemen:
http://4.bp.blogspot.com/_7g8VgYrDDUs/Sl383uhSyTI/AAAAAAAABDQ/WAmXsUWsXxc/s400/Four_Horsemen_wrestling.jpg
RIP, Crippler.
And They call this a bailout?
At stake for Greeks is not that their “wages and pensions will be cut,” Pasok’s George Floridis said during the debate. “It’s that they won’t be paid, starting tomorrow.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=aC3Eixp.2Czg&pos=9
“And They call this a bailout?”
[22],
More like pissing in the wind.
This is a worldwide, balance sheet depression. The entire universe is buried in debt, on/off balance sheets. Unfortunately, the asset declines, yet debt remains the same. The only cure is implosion or high/hyper inflation. Pick your poison. Everything else is simply attempting to put out a raging inferno with a bucket of water.
Our GDP to debt ratio is at 90%. Why is the focus on Greece?
Chump change.
Doom, for you:
http://online.wsj.com/article/SB10001424052748703961104575225472577513414.html?mod=WSJ_hpp_MIDDLENexttoWhatsNewsTop#articleTabs%3Darticle
Coming to a US city near you. Do not forget to look at the pictures. The petrol bobs are very frightening.
bombs.
Not to be confused with petrol boobs.
http://www.jihadwatch.org/2010/03/booby-traps-jihadists-hiding-bombs-in-breast-implants.html
Localities need to cut spending on no-bid contracts to their cronies and friends and cushy no-show jobs also to said cronies and friends — and they show little will to do so. My town has been so corrupt for so long that even word getting out that you’re planning to vote for someone else can get you a phone call from the current regime.
That said, the idea that we need Prop 13 is the most dumb@ss thing I’ve ever heard. One of the main reasons California is in the mess it’s in is because of Prop 13.
I would argue that one of the main reasons California is in a mess is not because they limit taxation, but rather spending is out of control.
Mocha (24/30),
Stop talking sense.
HEHE 15
You dont want to give the rest of the proletariat any ideas now, would you?
30 – Mocha – Agreed.
“Unbridled spending” we call it here.
That and the way Prop. 13 was structured, corporations can get around the reassessment of properties upon sale. That inequity has still never been addressed.
Jill 29 did you catch Mocha 30, spot on.
Our GDP to debt ratio is at 90%. Why is the focus on Greece?
The $2.3 Trillion Garage Sale
http://www.slate.com/id/2252923/
mocha (24)-
You have to add the GSE debt to that number, since Phony/Fraudy is now backed by the full faith, credit and ability to issue handwritten IOUs and pinky promises of your United States gubmint.
When you do that, debt to GDP goes to around 115%.
IMF, bail out thyself.
hype (26)-
I have no doubt that we can do everything bigger & better.
We have also grown a massive class of lazy, entitled layabouts who are not going to react well to the encroaching reality.
15 hehe:
Does not fit the narrative. No teaparty like groups involved.
Translation..”Portugal is in worst shape then Greece”
LONDON (MarketWatch) — Portugal is not in the “same boat” as debt-strapped Greece, European Central Bank President Jean-Claude Trichet said at his monthly news conference in Lisbon on Thursday. Asked if Portugal’s fiscal situation was comparable, Trichet said Portugal was “not Greece” and that the differences were “absolutely obvious when you look at the figures.”
Trichet, should have just followed Ben as his technique of cover up, delay, and pray.
Can someone answer why Greece didn’t cash the check yet?
Make,
I wonder which would cause less of an impact, The constant denials and platitudes of financial stability in the PIIGS or if Trichet were to just come out and say the PIIGS are bankrupt, move along.
Make,
The check has not been signed yet.
Burn, baby, burn!!! Burn the mf’er to the ground, and execute the criminals we call our “leaders”!
“Even a cynic can find Washington’s hypocrisy shocking at times. The Wall Street Journal reports today a House bill that would force lawmakers to make greater disclosures on financial transactions and disallow them from trading on nonpublic information is going nowhere fast.
That’s right. Members of Congress are currently allowed to profit on insider trading!
The bill, which has been languishing in the House for four years, would require elected officials “to make their financial transactions public within 90 days of a purchase or sale” and “prohibit lawmakers from trading in financial markets based on nonpublic information they learn on the job,” the WSJ reports.
It seems they’re above the transparency they’ve been calling for on Wall Street.”
http://tinyurl.com/28vjwxk
http://www.businessweek.com/news/2010-05-05/freddie-mac-seeking-10-6-billion-after-first-quarter-loss.html
Suprise Suprise
The largest single item on the Fed’s balance sheet is the $1.1 trillion in mortgage-backed securities it has acquired since the meltdown began. These are bonds issued by Fannie Mae and Freddie Mac and guaranteed by the U.S. government. The Fed has signaled that its buying campaign is over. And while the mortgages backing these bonds don’t mature for 15 to 30 years, many of them will be disappearing from the Fed’s balance sheet in the near future as people pay down, prepay, refinance, and sell homes. An informed analyst might presume that some $200 billion of that portfolio will mature or be paid down by the end of 2011. And as those bonds disappear, the Fed is not replacing them with new ones.
———————————-
Frightened Foreign Investors Seek Safety of U.S.-Backed Mortgages
Wednesday, 05 May 2010 03:14 PM
Having shunned U.S. mortgage-related assets for 1 1/2 years, foreign investors are returning to the market, now that the U.S. government has a key stake.
http://moneynews.com/Headline/Frightened-Foreign-Investors-U-S-/2010/05/05/id/357974
EUR flirting with 1.26 already this morning.
Our country is solvent.
Higher int rates makes the present value of all the debt go downward!
Mixed with small amount of inflation and the crisis has been averted.
You guys are always crowing about collapse. I sit here and laugh about it while i dip the biscuit into the coffee.
The outcome has already been decided years ago. And believe me, it aint global collapse.
Prop 13 in NJ would send home prices to the moon again.
In the mean time, buy the S&P 500 on the dips. It is engineered to only go up.
I remembered going to Germany a few years ago when 1Dollar is equal to 1.50 Euro.This when their economy was thriving until the Euro became overvalued and became harder to compete with the emerging markets.
Hyde,
They should TARP the PIIGS and all EU should get a bunch of freshly printed Euros.
Focus on EU taxpayers getting the Bill and not just German, Slovakian etc.
Unite Europe by being all in.
You will know when the apocolypse finally arrives because there will be tremendous opportuinity.
Yo’me,
Fannie and Freddy has been replaced by another 3 letter gov’t agency. Same game with the same end result. Can has been kicked down the road.
Embrace mr doom
Hi fiveee
Firstt
When market is tanking into the abyss, its the best time to establish positions. and when market is raging, its the best time to realize gains/lower exposure.
Its a funny thing – human emotions, always makes it seem like the opposite is true.
Be careful not to follow the herd to slaughter.
veto 55
All in Long EUR!!!
So, the currency markets will go ka-blooey, we will have less money coming in AND it will be worth less, taxes will go up and everything we need to buy will cost more. Nice.
Total collapse of anything is always possible.
Not likely.
But always possible nonetheless.
“All in Long EUR!!!”
Hyde, I dont condone gambling.
Unless its for entertainment purposes only.
Yo’me,
Fannie and Freddy has been replaced by another 3 letter gov’t agency. Same game with the same end result. Can has been kicked down the road.
Freddie was set up to fail for being forced to buy $1.5 trillion in assets and liabilities onto its balance sheet, causing the company’s net worth to plunge by $11.7 billion.This MBS were bought dollar for dollar from the banks to get rid of their toxic assets.It is being set to be sold 50 cents to the dollar.Money they are getting is from a Printing press that the Fed bought from treasury.worthless paper called debt but not really debt.Picture yourself writing useles numbers on a paper calling it money.Now borrow that money and pay it with same useless paper.Do you really owe any money?
Clot,
I picked my wedding intro song to be “enter sandman” more for being a yankee fan but again, we had her relatives stay with us last night asking us when we’re buying a house…..
No, I didn’t bother explaining the doomsday scenario, just negative equity.
Make Money,
Those comments by Trichet remind me of the French hospital that announced that Arafat was dead but then retracted it since, well, the Palestinians had to phony up paperwork for all the money transfers.
So in the next press conference, when asked about Arafat, the answer was “his condition is unchanged.”
I just found this great website for no fee apartments called http://www.SkipBrokers.com No fee apartments….
I cant fathom a more annoying scenario than one in which we get total collapse coupled with stubbornly overpriced home prices.
Sad, Done Deal!
While people anxiously wait for the mess to wash up along the coast, globules of oil are already falling to the bottom of the sea, where they threaten virtually every link in the ocean food chain, from plankton to fish that are on dinner tables everywhere.
Hail-size gobs of oil with the consistency of tar or asphalt will roll around the bottom, while other bits will get trapped hundreds of feet below the surface and move with the current, said Robert S. Carney, a Louisiana State University oceanographer.
“The threat to the deep-sea habitat is already a done deal — it is happening now,” said Paul Montagna, a marine scientist at the Harte Research Institute for Gulf of Mexico Studies at Texas A&M University-Corpus Christi.
Scientists say bacteria, plankton and other tiny, bottom-feeding creatures will consume oil, and will then be eaten by small fish, crabs and shrimp. They, in turn, will be eaten by bigger fish, such as red snapper, and marine mammals like dolphins.
The petroleum substances that concentrate in the sea creatures could kill them or render them unsafe for eating, scientists say.
“If the oil settles on the bottom, it will kill the smaller organisms like the copepods and small worms,” Montagna said. “When we lose the forage, then you have an impact on the larger fish.”
Making matters worse for the deep sea is the leaking well’s location: It is near the continental shelf of the Gulf where a string of coral reefs flourishes. Coral is a living creature that excretes a hard calcium carbonate exoskeleton, and oil globs can kill it.
Scientists are watching carefully to see whether the slick will hitch a ride to the East Coast by way of a powerful eddy known as the “loop current,” which could send the spill around Florida and into the Atlantic Ocean. If that happens, the oil could foul beaches and kill marine life on the East Coast.
dan (61)-
Are your in-laws weak enough for you to suffocate them with pillows?
Veto,
The last time the euro was this far off of trends was in fall 2008. IF you like to gamble, respectable rebounds occurred rapidly after each of the big down steps.
I learned my FX skills from watching late night reruns of the 3 stooges.
About the tax cap.
It will obliverate the credit strength of nj g.o. muni obligations.
(obliverate – he he)
Confused
Given that the well is leaking closer to 30-50K barrels/day not 5K, there is a real chance that nuking the well (for real) would cause less environmental damage in the end. How ironic is that, given how even the thought of nukes works some into a mouth foaming hysteria.
Confused
Dont forget, the well will probably leak at the current if not more for another 60 days or so before they can drill relief wells to cut it off.
of course there is an off chance they can shut it off before that if one of their long shot attempts gets lucky. here’s to hoping for a long shot.
ChiFI, bet you never thought this would hit this price?
FIFTH THIRD BANCORP BOND 08.25000% 03/01/2038
Basic Analytics
Price (Ask) 109.998
Yield to Worst (Ask) 7.396%
Third Party Price 112.526
If they are going to nuke the well, they might as well adjust the algebra equation to allow the blast to cover florida and parts of mexico as well.
“Ready To Revolt In New Jersey? ”
Damn, I would not be suprised if we were to see some sort of middle-class movemement against excessive spending and governmet control to emerge.
JJ,Where do you think High Yield bonds are going?Thanks
The key phrase in a g.o. credit is “without limit as to rate or amount”
They could exempt existing/outstanding bond debt service from the cap if needed.
yome 75, lol.
i refer to that question as an ‘instigation’.
or ‘entrapment’.
[74] jamil
The infrastructure is already in place, so it could happen and happen quickly.
The TEA party groups should take up this cause and run with it. It is tailor-made for them, and the Fat Man has teed it up for them.
Further, it will strengthen the TEA party groups themselves by giving them an identifiable, unifying issue that resonates with their target demographic, and would give them some legitimacy in state political circles. Finally, it has the potential to make personalities (think Howard Jarvis or Carla Anderson in CA and MA respectively) so there should be no shortage of potential leaders.
[68] veto
“It will obliverate the credit strength of nj g.o. muni obligations.”
I call that a buying opportunity.
Veets my high yield bonds funds are taking a bitting.JJ might know if I should hold on.
Montclair BOE lays off 96
http://www.northjersey.com/news/92940424_BOE_axes_96_jobs.html
Flat, right now it is a buy and hold market. The days of buying Citi, AIG and Ford bonds and seeing 100% pops are over. However, credit is still good and the rush to issue junk bonds has allowed firms to push out maturities and use 2009 as an opportunity to buy back paper at a discount.
Now it is special sits, for instance Freddie Mac and GS yields rose this week based on fear alone. Also people are underestimating how hard it is for munis to call debt now that they don’t have easy bond insurance so high coupon debt that is callable right away often go for par as the market is expecting it to be called right away for often it never is. Junk Bond funds are getting dicey, they have huge cash inflows to put to work and they are now buying any piece of new crap to put money to work. I got out of margin on Monday for first time since late 2008 as yields are compressing. I was loving margin at 7% and buying Citi bonds at 16%, now borrowing at 7% is not worth it as it is near impossible to get over 10% unless you take on a lot of risk.
yo’me says:
May 6, 2010 at 10:13 am
JJ,Where do you think High Yield bonds are going?Thanks
Damn, I had said I would buy euros for a future trip if the price got to $1.25. Nearly hit it today.
Now I am wondering if I should hold off and see if it goes lower?
Clot, what is jamie dimon’s most grievous sin? been googling around and everyone’s making this guy out to be a saint. what gives?
“I call that a buying opportunity.”
Nom, nice!
That type of fearless attitude will pay off hansomely.
Van Hollen and Doggett about to tell cross-border companies to pay more or get the hell out. But small biz may get a really nice tax break.
“Foreign Tax Credit Crackdown a Possible
Offset for Extenders Bill, Van Hollen Says
House Ways and Means Committee member Chris Van Hollen (D-Md.) said May 5 lawmakers are looking at taxation of carried interest and a crackdown on misuse of the foreign tax credit as ways to pay for legislation to extend expired tax provisions. . . .
Van Hollen said one pay-for possibility for the tax extenders bill (H.R. 4213) may be a curb on a “current creative use of the foreign tax credit” in which taxpayers claim the credit on income that has not yet been repatriated to the United States.
Speaking in the Capitol, House Ways and Means Committee Chairman Sander Levin (D-Mich.) said finalizing the tax extenders bill—which he renamed a “jobs bill”—and a small business tax bill (H.R. 4849) are his top priorities for the remaining three weeks before the Memorial Day recess. . . .
The expectation, Levin said, is that the Senate small business tax bill will carry some of the remaining provisions from the House’s bill such as a 100 percent exclusion for capital gains from the sale of certain small business stock that is held for more than five years and is acquired between March 15, 2010, and Jan. 1, 2012. . .
oggett Treaty Language Still in Mix
. . . The House-passed small business tax bill includes language written by Rep. Lloyd Doggett (D-Texas) that is designed to stop companies from using subsidiaries to channel deductible payments through U.S. tax treaty countries before earnings are repatriated to a tax haven. The Treasury Department has expressed concern over the provision, saying it might override some international tax treaties. . . .”
If the feds tax carried interest as earned income, look for that expat number to spike again. Gotta figure that some hedgies working for offshore funds, and who stand to collect serious cash, may decide now’s the time to expat, make a tax-free bundle, and then take some beach time for a year or two, before deciding to “retire” as U.S. citizens and seek repatriation.
Doom – I would love to see a conversation between you and this guy.
http://www.northjersey.com/news/opinions/92938319_Letter_to_the_editor__Raise_taxes_to_keep_Branch_Library_open.html
Clot,
You’ll get a kick out of this:
Vendor refuses to sell ammo to Illinois because of unpaid bills
http://www.pantagraph.com/news/state-and-regional/illinois/article_74a27a28-41ba-11df-9874-001cc4c002e0.html
How can they help bailout Greece?
http://www.examiner.ie/breakingnews/ireland/government-refuses-to-debate-irelands-13bn-bailout-for-greece-456612.html
He is a raving lunitic, he curses intimidates and screams at low level staff at the top of his lungs. All he cronnies have potty mouths. I worked with him at two companies. I would rather work for satan. Also in early 2000 Chase stock hit almost $70 a share, when Jaimie started it was around $47 a share and now it is $42 a share. I could have done better with a chase checking account than his stock.
Comrade Nom Deplume says:
May 6, 2010 at 10:28 am
Damn, I had said I would buy euros for a future trip if the price got to $1.25. Nearly hit it today.
Now I am wondering if I should hold off and see if it goes lower?
When they’re hurting themselves?
http://www.examiner.ie/business/90000-may-face-mortgage-arrears-119054.html
sastry (prev thread)
Re Posse Comitatus Act.
Who ows and why? The speculation was in CBS and it is certainly plausible (and in line with O ordering extrajudicial – dare I say warrantless – killings of US citizens. Code pinko activists, you and Shore included, would have called for impeachment had Bush ever tried to do either extrajudicial killings or the military drone action mentioned by CBS.
Now, would you are Shore channel your inner John Yoo (and beyond that) and argue that President has practically unlimited wartime powers and can just start whacking US citizens here and there and sending military to act in the US? Or do you call for impeachment of O?
So which is it?
Hoboken market on fire this week. 29UC
http://hudson.fnismls.com/publink/default.aspx?GUID=cc339b44-54e8-440f-a7f7-55b000fb3689&Report=Yes
ok forget everything i said earlier.
I was just trying to get the board all riled up.
See nikkea for proof that eventually, it all goes to zero.
[90] john
What does your love of Jamie have to do with my euro question?
And as for the euro, Gartman says avoid:
“The current European debt crisis likely will not end until the euro collapses as a currency and takes the entire European Union with it, said Dennis Gartman, hedge fund manager and author of “The Gartman Letter.”
“I think the whole thing will go down to defeat, the whole thing will eventually unravel,” Gartman said in an interview with CNBC.com.
Gartman said he doesn’t have a specific timetable for how long it will take for the collapse of the 17-year-old EU, but said, “it doesn’t look good.” . . .
Gartman holds the following long positions: 15 percent gold; 10 percent silver, and 15 percent each to Canadian and Australian dollars; he is short 15 percent each in euros, pounds and yen. . . .
In his daily letter to investors, Gartman said there is little chance of a peaceful, successful resolution of Greek’s troubles.
“The modern Greek culture is so dependent upon government largesse, and is so used to the fact that Greek fiscal irresponsibility will be bailed out by the taxes paid by responsible German workers and businessmen, that we cannot see this being resolved short of Greece being summarily tossed out of the EMU, or removing itself voluntarily,” he wrote.”
yikes (84)-
Other than being the Antichrist, he’s a great guy.
Beelzebub always appears as a man of goodness.
gator (87)-
His letter is the best argument I’ve yet seen for euthanizing the elderly.
hyde (88)-
If all the vendors to our most underwater states put them on a cash-and-carry basis, the US would immediately collapse.
[92] sas3
Gotta go with jamil on this one. Your suggestion that WCBS’ retraction of the story means that it never happened is specious. Why was it reported in the first place? That was a pretty detailed, fact-based suggestion.
Further, if true, it does raise Posse Comitatus Act implications (and contrary to the expert’s suggestion, I don’t see how using drones makes it excusable).
Jamil has called you out on this one (he also called out Shore but I think unfairly since Shore had not opined on this). Thus the question remains: Putting aside your belief that it didn’t happen because WCBS scrubbed its story, is the use of warrantless military signal interception within the US of a cell phone signal made by an american a violation of the Posse Comitatus Act (or any other federal laws) or not?
Nom,
I thought the various provisions of the patriot act as well as various other rides had essentially removed posse comitatus
A whisper of the possibility of capital controls in Europe -
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100005425/time-for-capital-controls-in-europe/
Doom,
Given the US debt situation is fairly similar to Greece’s in relative (%) size, i wonder if we can step up to the bar they have set riot wise?
This happened to my friend -
He was laid off by a NJ/NY based company. As part of the layoff he was told that severance package will be paid after the transition to a new team in China/India is complete.
As the transition process started, the definition of what ‘transition’ kept changing.
Now they threaten to not give the severance if the changed definition of Transition is not met.
He was told they he could take vacations, but now they are against it.
Are there any laws protecting transition employees?
Lawrence Taylor allegedly beats and rapes a 15-year-old girl. Arrested.
i know he’s lauded as one of the NFL greats, and certainly a NY football hero … but if these allegations stick (too early to tell, though he’s been arrested), why should he be able to walk this earth again?
99 Comrade:
“he also called out Shore but I think unfairly since Shore had not opined on this). ”
I called out Shore Guy because he has repeatedly called John Yoo’s and Bush Admin’s opinion dangerous and unconstitutional (I think he used the phrase “the most dangerous threat to this county since 1861″) and Shore Guy has contradicted himself many times, e.g. by admitting that (I assume liberal) President has authority to order mass-murder e.g. nuke civilian cities here and there, while crying about some interrogation and eavesdropping by non-liberal POTUS. Shore Guy has not said anything about Obama’s actions, which by any fair definition, goes much beyond what Bush Admin did. Extrajudicial killings and using military in the US. Heck, Shore Guy would be quoting Obamaweek for the next 2 months on a daily basis about that, had Bush done that.
In a way, I have started to admire Shore Guy and the Saul Alinsky crowd. In this era, your side won’t win by playing nicely. I think the Right should adapt Alinsky/Shore Guy tacticts and 2012 is the payback time. After prosecuting every hack at DOJ, the admin should go after hyperpartisan activist like Shore Guy using their own playbook. DOJ should subpoena every legal advise and blog post byt Shore Guy made in the last 10 years, declare half of them unethical and criminal and start a witchhunt and politized trials (Yoo witchhunt is a good starting point and template).
Naturally, IRS is sent to harass Shore Guy too, after all, what’s the point in BigGov and bananaRep if you can’t harass your political enemies. After a few years of fun, President Palin can simple order Shore Guy executed using her Shore Guy approved constitutional authority on warrantless killings. (SG hampering war efforts).
Somehow I feel that Shore Guy’s constitutional opinion changes radically when O is voted out of office.
Nom/Jamil:
WCBS retracted it and the simplest explanation is incompetence of the writer — Faux does this all the time and get away. Anything is “plausible” — using that as a basis makes you look like a birther.
Warrantless searches are illegal. This particular episode is not even relevant to that discussion. So, Jamil can apologize to shore — or you can, on his behalf.
Is it me or does Larry Kudlow remind you of Millhouse from the simpsons?
yikes, anyone who beats or rapes anyone, particularly a 15 yr old, needs to die immediately.
Veto
While that sounds nice and may be emotionally appealing, how about a few of the recent high profile incidents where guys were found innocent of rapes years after the fact and released from prison based on DNA evidence.
In a perfect system i agree with you. In a real world faulty/politicized system such as we have you need a buffer to allow some chance to correct miscarriage of justice.
I say we introduce Bayesian inference
what a mess. Is there an area of existence ‘not’ in crisis?
sastry:
You are hopeless.
Anyway, we are making progress here.
So if O admin carries out warrantless search/eavesdropping/assasination then you will call for impeachment of O?
A little bit disingenuous to list this in the GSMLS under Glen Ridge, don’t you think?
GSMLS 2770090 207 Stonehouse Rd
NEW CONSTRUCTION, BETTER THAN BUILDER OWN HOUSE, DETAILS AND QUALITY IN EVERY CORNER. LEGAL ADRESS 207 STONEHOUSE RD GLENRIDGE HOW EVER PROPERTY PAY TAX TO BLOOMFIELD
You too can send your kid to the Bloomfield Public Schools for only $799k. I am thinking the realtor may be a proud product of that school system based on the grammar in the listing.
jamil, pretty much everyone here finds your twaddle tedious and uninteresting.
81- njgator:
Do you agree with their decision to keep the Spanish and Mandarin Chinese classes in two of the elementary schools, meanwhile removing the instructional aides for those children struggling with basic proficiency in math, etc? I sure don’t. But I don’t live in Montclair and I don’t know what the real issues may or may not be. Sounds like strange priorities to me.
And so now we have many more teachers and staff to be added to the unemployment rolls soon. That isn’t going to be cheap either.
Jamil (111)-
I still don’t understand why we don’t let guys like Ahmadinejad enter NYC, then send a hit squad to ventilate him the second he steps off the plane.
I have no problem with sending hit squads all over the planet to deal with people who are our enemies. When we used to do this, things worked a lot better.
Fair game, the way I see it.
jamil #111:
IF
Whine (114)-
Pure limo-liberal idiocy. Plus, the Sup’t seems to be using the Mandarin thing as some sort of slush money/graft conduit.
Maybe Geithner can visit Montklair, and the kids can laugh at him in Mandarin.
House Whine 114 – I completely disagree with it. A true austerity budget would not have us continue teaching Mandarin to Kindergarteners. They could have provided Spanish district wide for what it will cost them to keep Mandarin for 1 school (Nishuane is a feeder to Hillside – Nishuane is K-2 and Hillside is 3-5. The other elementary schools are all K-5).
The Mandarin teacher costs twice as much as a Spanish teacher ($86k for her first year) and to keep Mandarin, they will have to make an additional hire in order to offer it at Hillside next year – the first 3rd graders who were able to take Mandarin in Kindergarten are moving from Nishuane to Hillside this year.
Keeping language in only these two schools is merely a way to make more rich white people agree to send their kids to school with lots of little poor black children. Nishuane/Hillside are the elementary schools in the South End of town. The board has told us that World Language is integral to the “Gifted and Talented” magnet theme of Nishuane, but they never did explain why it was not integral to the “Global
Studies” magnet.
They are killing lots of programs directed towards disadvantaged and special education students But Mandarin was always the pet project of our Superintendent. There’s a lot I don’t agree with in this budget.
119- wow, that’s almost outrageous. And very frustrating. I am frustrated and I don’t even live in Montclair! The salary for the Mandarin teacher is particularly disturbing but lucky for her.
[100] hyde
That’s possible. I don’t practice there but it is plausible.
[105] jamil
As shore had not commented on the intercept issue, I won’t put words in his mouth and assume that he would contradict himself. Shore’s opinion on how the Bush Admin. conducted itself and sought legal cover does not overlap fully with my own, but I understand and appreciate it.
[106] sas3
“Warrantless searches are illegal. This particular episode is not even relevant to that discussion.”
Really? There are several decades of precedent that suggests otherwise. Anyway, you called it irrelevant. I’d like to understand the basis for that statement.
SO, hypothetically, how would the (hypothetical) intercept in the report differ from the intercepts authorized by the Bush Admin. that you and others so roundly castigated as illegal warrantless searches.
What I am trying to get at is the technical and legal distinction, because if you accept the legality of the alleged army intell. plane intercept, you accept the legality of the Bush-authorized intercepts unless you can explain how they are legally distinguishable.
I see no distinction, but you said this situation is irrelevant (and thus distinguishable). I don’t claim special expertise here, so I am ready to be enlightened.
Gator,
Wait, you mean people will segregate based on income even without school vouchers or other programs that let them “take advantage” of the system?
Blasphemy!
you know how we talk about money saved for retirement?
these court documents (in the video) reveal Charlie Sheen has $4,000 saved for retirement.
i know he’s not the average Joe, and his shows go up to syndication heaven where he gets paid … but damn.
http://www.motionbox.com/videos/a498d9bf1419e3c12c
[119] gator
Sounds like some enterprising baristanetters should dig into this mandarin teacher and the superintendent to see if there is more there than meets the eye.
Sadly the Mandarin teacher was the most impressive thing we saw at Nishuane. I think the high salary is because there are not that many teachers qualified to teach it, so they have to pay more.
http://php.app.com/edstaff/details2.php?recordID=45127
This wont be a problem right?
Oil leaking from BP Plc’s damaged Gulf of Mexico well has drifted within 1.5 miles of the buoy marking the entrance to Southwest Pass, the main approach to the Port of New Orleans, a port official said.
“I just got a call from the port commissioner, and he said the oil is a mile and a half away from the main entrance,” Wayne Mumphrey, secretary treasurer of the Port of New Orleans said in an interview in New Orleans. “Once it passes the buoy, we have to start decontaminating every ship coming into the port.”
It will take 10 to 12 hours to decontaminate each ship, which will dramatically slow incoming port traffic and that may cause ships to begin backing up into the Gulf, he said
a port study commissioned in the wake of a tanker spill that closed the Port of New Orleans for several days last year showed the economic impact of a total port closure on U.S. Midwestern communities from the mouth of the Mississippi to Minnesota is roughly $250 million a day
http://www.bloomberg.com/apps/news?pid=20601072&sid=aVX0tOlBrIzQ
hyde
“Given the US debt situation is fairly similar to Greece’s in relative (%) size, i wonder if we can step up to the bar they have set riot wise?”
Not really. We are lazier. We are only good threatening to riot in re blogs.
Besides, the Superintendent is already married to a district K teacher who pulls in $95k/year with only a bachelors degree.
http://php.app.com/edstaff/details2.php?recordID=45221
The barbaric relic is about to cross 1200.
after 26 years teaching 95K is peanuts and why do you need a bachelor degree to teach snot nosed kindergarteners?
How much does superintendent make?
NJGator says:
May 6, 2010 at 12:43 pm
Besides, the Superintendent is already married to a district K teacher who pulls in $95k/year with only a bachelors degree.
http://php.app.com/edstaff/details2.php?recordID=45221
127.
Poor guy,
Yup, the window of opportunity for a sucessful revolution has closed. The strategy for the productive is to survive and preserve capital.
Once the horsemen and the IMF arrive the tit suckers will turn violent and criminality will rise.
Its a win win for the productive if they can preserve capital. No more parasites and the opportunities of a lifetime in regards to purchasing assets.
Those who own the gold will be making the rules.
JJ 130 – Over $200k. I think by the end of his contract he will make about $250k.
http://php.app.com/edstaff/details2.php?recordID=44518
I don’t think anyone should get $100k to teach Kindergarten. You want to make that much money for working 10 months/year, take a more difficult job in the district.
I also don’t think his wife should be employed in the district that he runs. Too much of a chance of a conflict of interest. She should work in another district where her husband is not essentially her boss.
CIT Appoints Michael E. Roemer Chief Auditor
NEW YORK–(BUSINESS WIRE)–CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced the appointment of Michael E. Roemer (48) as Executive Vice President, Internal Audit effective May 10, 2010. He will report directly to the Audit Committee of the Board of Directors.
Roemer will be responsible for conducting a continuous risk assessment of CIT, while executing an audit plan as approved by the Audit Committee. In addition, he will work to improve the efficiency and effectiveness of audit activities throughout the organization and ensure the Company’s compliance with Sarbanes Oxley and Anti-Fraud compliance related issues.
Previously, Roemer was Senior Vice President and Director of Internal Audit at American International Group. Prior to AIG, he was Senior Vice President in the General Audit Department of JP Morgan Chase after serving in various auditing roles with increasing responsibility within the organization since 1984.
About CIT
So that is 300K all in. It only sucks cause taxpayers are paying for it. The salary does not bother me it is the huge juicy pension and free medical for life that kills you.
NJGator says:
May 6, 2010 at 1:02 pm
JJ 130 – Over $200k. I think by the end of his contract he will make about $250k.
http://php.app.com/edstaff/details2.php?recordID=44518
I don’t think anyone should get $100k to teach Kindergarten. You want to make that much money for working 10 months/year, take a more difficult job in the district.
I also don’t think his wife should be employed in the district that he runs. Too much of a chance of a conflict of interest. She should work in another district where her husband is not essentially her boss.
Thursday, 06 May 2010 03:11
A front page Washington Post article told readers that: “The basic problem in Greece, and in the other struggling European countries, is that the government debts have grown as large, or nearly as large, as the gross domestic product, making the government’s repayment difficult, if not impossible. The countries’ imperiled finances, meanwhile, push up the rates at which they can borrow. (emphasis added)”
This is the sort of assertion that belongs on the editorial pages, not in a news story. There have been and are many countries with considerably higher ratios of debt to GDP than Greece than manage to borrow in financial markets without major problems. The more obvious problem with Greece is that it is in the euro.
This means that when it make budget cutbacks to reduce its deficit, it leads to large falls in domestic output. It has no ability to counteract these declines with expansionary monetary policy or a devaluation that will increase its net exports by making Greece more competitive. Greece’s budget austerity therefore risks putting it in a downward spiral, where budget cutbacks further depress GDP, leading to a larger budget shortfall, requiring further cutbacks. Washington Post reporters should understand this situation.
Dean Baker
Gator[112];
I looked at a property on the border between a VERY GOOD school district and a VERY BAD one.
In NY, if the district line crosses anywhere on your property, you can choose between the districts, regardless of which one collects your school tax money. You do not have the option if the line only parallels your property, it must cross. If you choose the district that doesn’t collect your tax money, the loser district has to send what they collect from you to the winner district. As a result, the loser district has incentive to investigate these ‘elections’ aggressively and do so.
I read one case where the line passed between two properties, and a person bought one square foot of land from their neighbor so the district line then crossed their property so they could send their kids to the neighbor’s district (bad school district lost that one).
In another similar case the district refused to honor the election because they claimed that the neighbor’s subdivision of their land was illegal and against zoning regs so they didn’t have to recognize it (bad school district won in that case). It put a stop to the ‘one square foot’ thing because it was too much trouble and bribe money to get the subdivision approved – might as well send your kids to private school.
things are getting interesting in euroland.
All political parties in Slovakia have already rejected the Greek Bailout and now this bombshell:
“Germany’s largest opposition party, the center-left SPD, said Thursday that it will not vote for the government’s bill on financial aid for Greece tomorrow after all.
SPD parliamentary leader Frank-Walter Steinmeier said the government had declined his party’s request to pass a resolution in parliament on introducing a financial transaction tax. ”
If Merkel goes ahead with the bailout, her party is doomed (and if she caves, german banks will be doomed).
Anon 136 – This property is 100% fair and square in Bloomfield. It has a “Glen Ridge mailing address” purely for the convenience of the USPS. This happens in lots of towns in NJ. In fact, my cousins live in Old Bridge (Middlesex County) but have a Matawan (Monmouth County) mailing address.
The address is just cachet and nothing more. I have never seen these homes listed in the mailing address town before – normally I would see a listing in Bloomfield (as it should be) boasting of a Glen Ridge mailing address.
136 [con't];
Looks like the district line runs right down Stonehouse Rd. The east (even) sider is GR, west (odd) side is Bloomy.
Tough break, but there’s no shortage of properties in bad school districts whose postal address are those of neighboring and much better districts. Massapequa and Amityville leap to mind – lost of postal “Massapequa” in the Amityville (horror) SD.
Gator [138];
Ramen-eaters still looking for the one stoopid buyer who drools “Oooooo..Glen Ridge” without further investigation.
hyde (122)-
Racism is okay when rich white people engage in it under the guise of equal opportunity…and the people who get left holding the short end of the stick are lower-to-middle class whites.
Gifted and talented, my ass.
That is a lie, The real housewives of New Jersey actually get paid less per eposode than the cast of Jersey Shore.
Final Doom says:
May 6, 2010 at 1:37 pm
hyde (122)-
Racism is okay when rich white people engage in it under the guise of equal opportunity…and the people who get left holding the short end of the stick are lower-to-middle class whites.
The majority of rich white folk earned their way out of being lower or middle class and don’t feel obliged to kick back hard earned cash to lazy whites.
Lots of talk in the office about how to position yourself for the coming euro collapse. Rumors circulating in Germany about the German gov’t secretly printing D-Marks to prepare for the coming collapse. Hard to see how to borrow their way out of this. If the ECB exercises the nuclear option and begins QE, look out below,.
JJ (143)-
This is like discussing varying pay scales between 10th Av and 11th Av tranny ho0kers.
Funniest part from that link:
Highly Qualified? Doesn’t need to be highly qualified
132. NJGator says:
May 6, 2010 at 1:02 pm
JJ 130 – Over $200k. I think by the end of his contract he will make about $250k.
http://php.app.com/edstaff/details2.php?recordID=44518
I don’t think anyone should get $100k to teach Kindergarten. You want to make that much money for working 10 months/year, take a more difficult job in the district.
I also don’t think his wife should be employed in the district that he runs. Too much of a chance of a conflict of interest. She should work in another district where her husband is not essentially her boss.
It would be wise to deeply cut pension of State Employee in future negotiations. Medical care will transition to Federal Care in the next few years anyway.
US faces inflation or default
There are only two solutions to the sovereign debt crisis — raise taxes or cut spending — but the political gridlock may prevent either from happening
By Nouriel Roubini, Project Syndicate Published: 00:00 May 5, 2010
http://gulfnews.com/business/opinion/us-faces-inflation-or-default-1.622397
Young Buck 147 – Hysterical. You don’t need no stinkin qualifications to make $200k here!
Anon 139 – It does. In fact, as Grim has posted here before, it’s a popular street for tax flight for Glen Ridge residents when their kids are out of the school system. Nicest block in all of Bloomfield, lower taxes than GR and you can pretend you live there.
I think Bernake is going to have to move the Interest Rate into negative territory, zero is passe.
- dow hit a bit of an air pocket. I’m sure they’ll fix that before close of markets.
US faces inflation or default
Assuming this is true, how does one preserve capital by preparing for both scenerios?
Anyone still believe that Shiny is overvalued at these levels? Dow up 80% and 9 ounces buy the DOW on 5/6/2010.
This is going to unravel faster then I thought.
Make – buy lead, sulfur, salt peter and get a black powder rifle. It is going to be the only way you are going to eat.
since Grim is going all 50′s South American revolutionary on us today. Maybe we should get a T-shirt made up of him like those Che shirts the wannbe anarchist kids are wearing these days.
Anybody notice the yen? Apparently cliff diving currencies are now popular.
Hi,
Could anybody provide me any information for this listing in Wayne, I’d really appreciate it.
1010496
Thanks a lot.
CC
Pain,
Buying more then very small amounts of saltpeter gets you put on various watch lists since its considered a “precursor” compound.
Dow crashing nicely.
OPPORTUNITY is knocking.
This market is finally starting to make sense to me.
Yawn. Dow -247.81. They’ll invert that in the next 2 hours.
Hyde I know, I have to show my FID card now to buy quanitites of black powder. It is ridiculous, Fckin terrorists
coming to a town near you?
Field trip for black students sparks controversy at Ann Arbor elementary school
http://www.annarbor.com/news/black-student-only-field-trip-sparks-controversy-at-ann-arbor-elementary-school/
flight to quality has arrived just in time for the upcoming $300 billion treasury auction.
This couldn’t have worked out better if it were planned.
Doom, my buddy is trying to remove an albatross on the hudson, n bergen i think.
He doesnt want to pay a broker?
what are his options.
Flat fee listings? Are they better than forsalebyowner? Any other ideas?
Crude down $10 in three days? Yikes.
Down dowm 600 in three day.
Shiny setting all time highs.
Things must be back to normal.
and I still can’t spell.
I was going to go back in the market at S&P 1100 10% off peak,readjust to 15%?
veets (166)-
Burn it down.
somebody run to the beach and wake up the PPT dow down 450.
Can we slide to 8 ounces in one day?
People should check out the markets. Looks like some hedge funds are going to get a call from Mr. Margin tonite.
Wow, we are back to 2008 all over again. Who could have seen this coming????
There’s a third way to eliminate the debt crisis, sovereign default.
Dollar has gained five euro cents since I bought at 2PM GMT this afternoon. Yikes.
Thankfully i set the offsetting hedge to stop the bleeding this morning.
If not, i might be crying right now.
oh boy, the fed is out of bullets and this thing is crashing hard.
time for a worldwide bank holiday!
BUY THE MARKETS!
Its a going out of business liquidation!!
Geez, this market is selling off hard, there is no bid in sight. S&P blew through like 4 resistance levels in 20 minutes.
DOWN 10% in 20 minutes Smells like OPPORTUNITY.
DOW down 800+
and you wonder why they don’t show you the protests.
someone’s got their finger on the pump & dump switch.
but, worry not.
The definitions will change, and the party will be back.
SAS
There is an error on the Dow apparently.
Dow down 987 points
guys,
this is a mistake. DOW can’t crash 10% in 20 minutes. Someone please call Benco.
Just pointed out on CNBC, there’s no circuit breakers in force after 2:30:)
What the hell!! This was worst than the US CRISIS!
No body panic, it looks like the PPT finally came in off the beach.
Man, look at the PPT work. Keep buying Benny!
Me thinks that today might make a good day to get out of some of my 401K investments.
ok, i went all in 5 minutes ago, what happened? Did i time it right?
Did someone trip over the power cord for the GS HFT computer or what? I guess they plugged it back in.
118
I thought the same thing three days ago, unfortuantely I decided to put it off.
Maybe catch the dead cat bounce tomorrow?
“401K investments”
complete waste.
better off losing 15lbs & going for a jog on the treadmill.
SAS
Wow, feels like old times!
I did not like that action we just witnessed. Could very well be a predecessor of something worse. Will probably take 25% off the table. I’m not greedy.
YOU GOTTA BE SH!TTIN ME.. GOOGLE AND YAHOO FINANCE JUST WENT DOWN.
cnn money .com
Always works when the others are down!
You owe me one.
WOW!It does not justify 8% lost on the DOW in just a few minutes
GOOGLE AND YAHOO FINANCE JUST WENT DOWN.
Reuters systems having widespread problems keeping up the update rates. Very bouncy.
Watching the charts it is like the PPT and the market forces are in the ring going toe to toe. Like a bad boxing movie, who gets hit with the last overhand right for the loss
I wonder what we see on the market monday morning. weekends are always fun
From CNN Money, from this morning, two funny:
Don’t fear the VIX
NEW YORK (CNNMoney.com) — You think things have gotten a little volatile lately? Please. Anyone remember fall 2008?
Worries that Europe can’t contain its debt woes and that Greece’s problems are just the tip of the iceberg have amped up investor jitters in the last week. Signs that China is slowing its growth to get ahead of inflation pressures also haven’t helped. In response, the stock market’s slow and steady pace of the last few months has gone out the window, bringing the return of big swings.
http://money.cnn.com/2010/05/06/markets/market_volatility/index.htm
Ok People, you can go back to work now.
We have this under control.
-The Government
Did anyone bet on the VIX when it was approaching 16?
WTF is going on here? You’ve got a 10% drop in the markets, only to recover 80% of that in 15 minutes?
Volatility is through the g@d d@mn roof.
Erin go broke just back from the Emerald isle, barely got out today the volcano shut down the airports again. Things in Europe are much worse than being reported here in the news that is for sure.
“Watching the charts it is like the PPT and the market forces are in the ring going toe to toe. Like a bad boxing movie, who gets hit with the last overhand right for the loss”
It’s precisely what’s happening, this thing was going down 20-30% if they didn’t step into the fray. You build 300-400 points on the S&P on little volume over 12 months what did they expect was going to happen?
I say there is a good chance we dive again before the bell.
Man your stations.
202 – you probably got that right.
How fast can the EU really fall apart? Everyone seems to be getting a little nervous, but in reality how quickly could a nation either willingly leave or be forced out? New currencies can be printed overnight and you have to prer for the transition lest the existing government collapse.
I have read rumors of germany already prepping deutch marks, but thats rumor at best.
someone had a fat finger!!
JJ, ha ha. i think PPT’s office at Citi might have gotten consolidated into the boom boom room to cut costs.
Hyde – nobody really believes the various tribes in Europe can keep cooperating forever, why do you think the Brits kept their central bank and currency?
I just had to do it I sold all my tip’s @ 107 i started to accumulate these at 95 in october .At 107 the yield is under 1% the flight to quality got a little crazy here !
Fat finger or perhaps electronic jihad?
During this time of crisis, how about a little trip back in time…..It is so appropriate for today:
http://www.youtube.com/watch?v=SWksEJQEYVU
ok, that was just dress rehearsal. Here comes the real thing.
Juice,
I agree, my question is how quickly could you really unravel the EU without collapsing a few nations. I could see it taking 6 months – 1 yr in a best case situation without collapsing any of the local governments. but heck, who said it had to be an orderly dissolution
The germans tend to be pretty pragmatic, so i lend some credence to the rumors of them prepping for a potential return to the duetch mark, they at least have a plan B
[194] libtard
As I don’t have much ON the table, I am waiting to jump back in.
But not yet.
Paradoxically, I checked my TD acct and it was up. Only by $98 but it was up. All due to GLD and FXP.
I got out of margin on Monday so I am a spectator today. BTW no PPT today, this is all program trading, techical indicator type crap.
veto that – lawrence yun ‘the panda’, ‘next fall’ says:
May 6, 2010 at 3:18 pm
JJ, ha ha. i think PPT’s office at Citi might have gotten consolidated into the boom boom room to cut costs.
“Will probably take 25% off the table.”
Lib, The real money here will be made on when to buy, not sell.
There is nothing to fear but total annihilation.
Cmon now, you can do this buddy.
Pretty impressive, Ritholtz went to all cash yesterday.
http://www.ritholtz.com/blog/2010/05/cash-100/
Guy is good at timing his calls
Just Trust us – US Gov
“WASHINGTON – A top Treasury official says the Obama administration opposes a proposal to audit the Federal Reserve, a plan that has bipartisan Senate support”
“Lib, The real money here will be made on when to buy, not sell.”
Buying is the easy part. Everyone knows timing the sell is the tough part.
For what it’s worth, I have almost zero equities outside of my 401K which was still only 75% long.
If you recall, almost everyone here scoffed when I added that last 25% back around DOW 9900.
15 minutes until the market opens.
Everything old is new again.
Get shorty!
PPT is fighting hard to keep its gains. The market really wants to bomb today.
Taliban is claiming responsibility…..
Taliban also claimed responsibility for my less than solid morning dump.
Why is everyone here suprised? Haven’t we been talking about this?
I may not know how to spell or type but I can follow intructions to go all shiny and watch this horror movie enoying my Orville.
Bulletin
NYSE says it experienced no technical glitch during virtual free fall
Where is Skep?
just placed an order
Remington® 12 gauge 2 3/4″ Tac 8® “00″ Buckshot, 100 rounds 80 bucks plus shipping shifting my investment strategy
VIX
May 6, 2010, 3:28 p.m.
40.69
Change
+15.78 +63.35%
Day low
Day high
24.43
40.71
OK so does anybody want to take the side that 8% intra-day swings up and down represents a healthy market?
Pain,
Do you have a gunshop you can recommend or order through, or do you order direct from manufacturer?
Looks like market forces are taking the beating, cue the inspirational music.
Looks like market forces are taking the beating, cue the inspirational music. I wonder if they spit their gin martini’s before the PPT hit the laptops
229
Meaning that the made up numbers provided by the plunge team went through without a glitch?
here you go Hyde linky
http://www.sportsmansguide.com/net/cb/cb.aspx?a=476391
wow pasted hlaf my previous post weird
Found this discussion on how to cut back on gov’t expenses:
http://www.usatoday.com/news/opinion/forum/2010-05-06-column06_ST_N.htm
I just love the part where Bob Beckel, a liberal Democratic strategist, addresses the Soc. Sec. problem. His answer is to up the minimum age to collect to age 70 and Means Test so the wealthier get less.
Now I am sure that this guy is already sitting pretty and old enough to have collected his share of Soc. Sec. so how lovely for him to suggest that we young ones work longer. I am also so pleased that he wants to means test so that those of us who actually lived responsibly would have to support those who didn’t.
144.
“The majority of rich white folk earned their way out of being lower or middle class and don’t feel obliged to kick back hard earned cash to lazy whites.”
Let them all burn in hell. Cant way for the IMF to arrive. Im going to start pulling down every fing handicap sign down I see. Fing tit suckers f_cked our kids future up real good.
The PPT will never let a full fledged free fall happen. An orderly withdrawal over several sessions where the wealthy are able to preserve their wealth will be allowed but that is all.
Trading “error” according to cnbc
154.
Make,
Gold and silver related assets. Not that ETF garbage either.
So, what are the odds Germany votes no on the Greek bailout tomorrow?
thought you all would enjoy this… Watch the ticker in the background… Cramer saves the market:
http://www.businessinsider.com/the-most-exciting-moment-in-street-signs-history-jim-cramer-saves-the-market-2010-5
The benchmark 10-year note rose 1-13/32 to 102-2/32, pushing the yield down to 3.38%.
If I do buy soon, I imagine I’ll save a lot more on my mortgage due to record low interest rates rather than I would have with the $6,500 tax credit. I don’t like the impact it will have on the maintenance of housing prices though.
242, my broker heard that a trader fatfingered a derivatives trade keyed in 1B instead of 1M
P&G fat finger quotes, that is why I was buying an hour ago.
Mocha says:
May 6, 2010 at 3:57 pm
Trading “error” according to cnbc
My 22 yr. old friend from Germany just told me that a complete stranger walked up to her and starting complaining about Germany not contributing to help out Greece. Guess what – the town is ultra liberal. No surprise there. The young German was not pleased and had no idea why she was being accosted. Neither do I.
195.
“YOU GOTTA BE SH!TTIN ME.. GOOGLE AND YAHOO FINANCE JUST WENT DOWN.”
Wait until they declare martial law.
Stater 244
I think they vote NO. The press has been pushing it but Germany and a few others have been against it from the get go.
If you look at the situation from a rational standpoint, a bailout doesnt solve anything. Germany’s banks either get hit now or get hit later. If they take the hit now, the politicians have the political cache from saying no to the bailout to appease the population.
When they have to bail the banks out after saying yes and pissing the german population off, heads will roll.
If Merkel votes yes tomorrow its an almost instant loss of office for her.
Voting no tomorrow is in germany’s best interest.
that little bump in the market was apparently a few HFT programs having fun….
250
How would martial law change anything? O has already announced that gov can do extrajudicial killings, hold detainees forever and seize companies and private property as it wishes.
Yeah, all the stocks out there and Cramer picks the one that supposedly was fat fingered. Gimme a break.
I wonder how many got their trades in to buy when DOW was down 10%.Easiest money in 5 minutes.
I highly doubt the error story.
Gold is going to the moon. We just busted out over 1200.
253.
Jamil,
Bush/Obama doesnt matter. Yes FEMA camps exist and yes the government wants you poor, dependent, and dead. Down the road they want to implant you with Verachip aka “the mark of the beast.”
Just be glad the trader hit ‘b’ rather than ‘t’.
Fidelity was booting me out, only got one trade in.
yo’me says:
May 6, 2010 at 4:20 pm
I wonder how many got their trades in to buy when DOW was down 10%.Easiest money in 5 minutes.
Cramer on the play by play crash.
What a clown, “the machines broke.”
http://www.cnbc.com/id/15840232?video=1487056830&play=1
NYSE Euronext Says There Were ’A Number of Erroneous Trades’
http://www.bloomberg.com/apps/news?pid=20601087&sid=aQKbTm0qCY0c&pos=1
Yeah, the machines always break on the down days.
Yeah “erroneous trades”, give me a break.
HEHEHE stop with the conspiracy crap…the print was out of line, especially on that stock…..
Simply Ravishing HEHEHE says:
May 6, 2010 at 4:17 pm
Yeah, all the stocks out there and Cramer picks the one that supposedly was fat fingered. Gimme a break.
I want to hear bergabe explain the systemic risk of fat thumbs to congress.
[239]
“I just love the part where Bob Beckel, a liberal Democratic strategist, addresses the Soc. Sec. problem. His answer is to up the minimum age to collect to age 70 and Means Test so the wealthier get less.”
It’s gonna happen. Means-testing is all but certain. No one should have assets in their name when they turn 60.
Well look at the bright side.
Tomorrow is sovereign failure friday.
Everyone loves friday.
I understand a fat finger trade on P&G taking the Dow down, but why was the Nasdaq also off > 8% at that time?
266-Comrade: Yeah, I remember you telling me this some months ago. I believe you.
Time to enjoy my life now, while I am young enough to enjoy it. Budgeting is for wusses. (I am a good speller but I have no idea how to spell That one).
European debt woes could hurt U.S., Fed says
RICHMOND Va (Reuters) – The Federal Reserve is closely monitoring financial turbulence in Europe as it could have repercussions for the United States and its markets, policymakers at the central bank said on Thursday.
James Bullard, president of the St. Louis Fed, argued the European crisis, which centers on worries about the high debt level of Greece and other European Union member states, poses a threat to an otherwise improving U.S. economic outlook.
“One risk to the outlook … is the fallout from potential sovereign debt default as conditions continue to deteriorate in Greece and other countries,” Bullard told an audience at Washington University’s Olin Business School.
Still, he said, he continues to expect moderate economic growth of 3.5 percent in the United States this year, with a relapse into recession “highly unlikely.”
technical (analysis) trading programs…..
homeboken says:
May 6, 2010 at 5:20 pm
I understand a fat finger trade on P&G taking the Dow down, but why was the Nasdaq also off > 8% at that time?
No Fat Fingers allowed in Wall Street Anymore.
This is part of Fin Reg proposed by Obama
Chi,
You don’t want conspiracies then design a Casino where one schlep can’t make it plunge 600 points?
hehehe: I have to bite my lip here, because what I will say will piss off a whole swath of a certain group. What I will say that the people who lost serious money today deserve what they got because they are empty-headed closed-minded plebes….
WSJ
May 6, 2010, 4:28 PM ET
Mean Street: Crash — The Machines Are in Control Now
By Evan Newmark
If you’re a Merrill Lynch broker, you better be praying that none of your clients were watching CNBC between 2 and 3 p.m. this afternoon.
Anyone who saw the Dow freefall 7% in a matter of minutes is going to require some convincing to hang onto any stocks. The Dow’s intraday drop of 998 points was its largest ever one-day point decline.
The early talk is that it was a trading error at Citi that got the panic going. Poor guy. He’ll be unemployed and in front of Carl Levin’s committee within a week. Then again, he works at a state-owned bank, so at least he’ll be better treated than Goldman Sachs’ “Fabulous” Fabrice Tourre.
Of course, it’s not just one guy’s fault. A panic is a collective undertaking and today there were plenty of reasons to freak out: the rioting in Athens, the impending collapse of the euro, more financial regulations down in D.C.
But please, why make excuses? Why do we pretend that people are in control, when they’re really not? The machines are.
twitter
We’ll have to wait for a full autopsy of today’s trading day. But it’s a safe bet that after the trader’s initial error, high-frequency trading computers remorselessly running their algorithms took over.
I’d be amazed if “high-frequency trades” don’t account for the vast majority of the executions that took place between 2:15 and 3 pm at the NYSE.
Of course, the bigger question will be not what caused the panic – but what, if anything, should be done about it.
As a believer in free markets, I think it is both useless and harmful to constrict computerized trading. But on days like today, it really puts that belief to the test.
The purpose of a stock market is to provide an orderly and efficient market for the free exchange of equity securities. At the core of the market, there must be a belief that the market is trustworthy, that it can match buyers and sellers, bids and asks.
Today’s market was neither orderly nor efficient nor trustworthy. It was just a bunch of computers making ugly, messy love with each other . And your money hung in the balance.
Let me count the frauds and then convince me that the market isnt a rigged game.
1. JP Morgan in collusion with the CFTC is not manipulating the price of gold and silver down via naked shorts.
2. Bernie Madoff didnt actually steal billions of dollars under the SEC noses.
3. Goldman Sachs didnt sell their clients CDS’s then short the other side.
4. The Federal Reserve didnt bailout Greece and they didnt force banks to accept TARP money.
5. Gold is a barbaric relic. Bernankes paper is more trustworthy.
Its all a big f_cking sham that depends on the gullibity of the little guy. The gullibility is perpetuated by state run media and the crumbs that the investment banks let the people have. The ole carrot on a stick.
Chifi 274
Why so shy? Lets here it! We are all big boys and girls.
I am not saying that there was not a major trading mistake by somebody that may have added to the drop but what kind of POS market do you have that an entire market drops that much if the trade was in one security? And if that is the case, given the potential for human error, how come such a mistake never happened before today and what’s stopping from happening again?
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Anybody see the range today on ACN ?…. 0.01-42.30
re: #276
Al take off the tinfoil already, if there was illegal gold manipulation would it even matter? Anyone who bought and held is a winner, so there should be nothing to complain about.
Prices of gold last decade
2001 $270 oz
2002 $310 oz
2003 $363 oz
2004 $410 oz
2005 $445 oz
2006 $600 oz
2009 $972 oz
2010 $1100 oz
Here is a real story of manipulation and hardly anyone bats an eye. The capitalization of the banks is something like 100 times that of the gold and silver industry, and it’s impact on the economy is 1,000 times greater, so let’s put the gold and silver manipulation story on a one to ten least to most scale of relevance which would be ZERO.
“Goldman Sachs, Morgan Stanley, JPMorgan Chase, Bank of America and Citigroup are the big names among 18 banks revealed by data from the Federal Reserve Bank of New York to be hiding their risk levels in the past five quarters by lowering the amount of leverage on the balance sheet before making it available to the public, The Wall Street Journal reported.”
http://dealbook.blogs.nytimes.com/2010/04/09/major-banks-said-to-cover-debt-levels/?dlbk&emc=dlbk
281.
Who gives a flying f_ck about the banks they arent lending anyway. Thats old news. Guess what their insolvent let them fail.
If the CFTC and SEC are asleep on the job than how on earth can you justify investing in this clown show market?
The game is up and the cover stories arent even remotely credible to anyone with half a brain. Fat finger crashes the market.
Jim Rogers made a sh_t load of money today. He shorted the market yesterday.
You know how I said I’d be back in a year telling the gold haters “I told you so”. At this rate, it’s going to be a month.
At this point, I’m 40% physical gold/silver and 60% USD. I sold all my stocks late last year. Calmly waiting for oil and the mining sector to drop with the rest of the equity market to dive back in to get rid of the rest of my case.
“I could have done better with a chase checking account than his stock. ”
I dunno about that one. I had a Chase checking account because they bought out Bank of New York. All kinds of random charges started appearing on my account in a matter of months.
Ben,
I need some input on mining stocks. Im with you lock and step.
Looking at BHP, AEM, and GG.
so, hows the stock market?
If you guys took my advice at 2:46 pm you would have made a killing today.
But your fears paralized you. And now you’re pounding sand.
————————
veto that – lawrence yun ‘the panda’, ‘next fall’ says:
May 6, 2010 at 2:46 pm
BUY THE MARKETS!
DOWN 10% in 20 minutes Smells like OPPORTUNITY.
Veto – re: killing… you may not get to keep it if this keeps up.
(Reuters) – Nasdaq Operations said it will cancel all trades executed between 2:40 p.m. to 3 p.m. showing a rise or fall of more than 60 percent from the last trade in that security at 2:40 p.m or immediately prior.
Bahahahaaaaaaaaaaaa
“You guys are always crowing about collapse. I sit here and laugh about it while i dip the biscuit into the coffee.”
Veto,
Co-worker skilled in the heimlich manuever?
Ben [284],
Wait until these markets really start to perk up. Approx .06 of all monies invested are in gold/gold mining shares. Can you imagine where the markets will be if we simply approach 1%?
BOJ injecting 2T yen into money markets. The great race to the bottom for paper continues. Inflate or die.
“Co-worker skilled in the heimlich manuever?”
Wantan, Ha, today was FUN! More proof to me that the markets are crash-proof.
Bernank and his boys have this under control.
Markets are not allowed to crash anymore.
And then when they do its blamed on unrelated isolated events like fat thumbs and rogue computers.
“Bernank and his boys have this under control.”
Yeah, we heard the same in 2006, 2007 and 2008. That said, gold certainly agrees. Dow/Gold heading towards 2-1. Hopefully they print the Dow up to 20K.
Can Bergabe cut rates below zero?
Wantan, we hold the largest gold reserves right?
we can go below zero rates.
Lets set the discount rate at -2%, create an inflationary inferno until the debt is manageable, sell the gold, press the nuke launch on china and call it a day.
Doom – Just listed to a vm message from the open house realtor who sent us that lovely email last week. She called to let us know that they were reducing the price of the house we looked at by $50k. I think I will text her back and ask her not to bother me again until they drop it another $75k.
“Wantan, we hold the largest gold reserves right?”
Hilarious. Looking at govt stats? When was the last time Fort Knox was audited? Any figures on the trillions of tons leased out?
“Discount rate at -2%”
The world’s economic, structural and political problems solved by papering paper with paper? Sound plan, music to my ears.
All this talk about glitch and error by a trader and fat finger…
I checked my keyboard and there is a “N” between “M” and “B”. N could have meant no-trade or nil and it should not have caused the market to crash.
295.
Someone add fat thumbs to the njrereport vocab. At this rate we could develop a new language.
titsuckers, nompound, POS cape, fat thumbs.
if there is no audit then why assume the worst case scenario?
There are plenty of assetsm, production and resources backing the dollar.
We’re not dead yet. Last time i checked.
lets not call the game because we’re down in the 6th inning.
[301],
Ever notice a glitch when the markets rallies?
Who the hell types with their thumbs anyway. Tell those luciferians to keep their thumb on the space bar.
Public education at its finest.
Mr Wantanapolous says:
May 6, 2010 at 8:18 am
“Wait until the contagion hops the ocean.”
Doom,
Previously, our # 1 export, coming back to bit us in the ass.
Who cares about the currency markets? Just ask Asian exporters. One morning we will wake up and the markets will be diving off a cliff. Some pundit will state it’s simply the result of chaos in the fx markets. Yet, nobody could see it coming.
How prophetic, BC Bob! (that is you, right?)
You called that about 6 hrs before it happened
that’s rally
Yikes [306],
You are confusing me with this BC Bob stuff? Wantanapolous is half Japanese, half Greek.
“For the consumer, nothing has changed and the large banks are still weighed down by exposure to consumers,” she said. “If consumer credit turns, which we think it will, you will underperform with all these banks.”
From #1,
Just saw this now. Of course nothing has changed; exposure to consumers digging deeper and deeper. What has changed is free money and pie in the sky valuations, thank you FASB. In the meantime, trillions have been spent/guaranteed and the result? The sh*t remains on/off balance sheets, TBTF have become TBiggerTF, consumer credit continues to fall and banks are valuing .20/1.00 at par.
Sounds like WS is selling lumps to chumps?
Not sure about the big boys but heard first hand today how community banks’ portfolios are being scrutinized by regulators, having to write down same and either getting their cap ratios up via cash infusion or going buh-bye.
Got demand indeed.
relo [310],
Their mistake; they didn’t hire Godman, spelling correct, to structure hide a debt, via OTC derivative swaps.
Nikkei getting smacked again.
I love fat fingers
Hate tea… Tea paty… Te shirt… And t
Hi fiveeee
4th q stats for US citizen renouncements: 502. That’s 100% from 2008 4th q.
This is what Change looks like. Would be interesting to info on their wealth and income.
Anyway, we got 3m illegal parasites demanding every known gov benefit to replace them. Thats the Hopey part.
Al “Fat Thumbery” Gore says:
May 6, 2010 at 9:44 pm
295.Someone add fat thumbs to the njrereport vocab. At this rate we could develop a new language.
titsuckers; nompound; POS cape; fat fingers; condoshack; Bergabe…..
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What’s the point, if only they would just go
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